Manawatu Herald. TUESDAY, SEPT. 23, 1902. Building Societies.
Smos suggesting the formation of a building Society in this town we have been able to get full particulars of those in favour in Palmerston and Peilding, which are known as StarBowkett Societies. These Societies terminate when the amounts and profits reach the total of each share They are practically co-operative in the system of finance. Having the Feilding one before us we find that the shares are £l6O each raised by a weekly subscription of one shilling a share per week. No one may hold more than four shares. As soon as a sufficient sum is in hand from the weekly subscriptions it will be lent to a member oh the security of a freehold, free of interest, and which he pays off in twelve years by the subscription of three shillings and fourpence per week for every £IOO loaned. The sums available from time to time for loan are ballotted for, and if the shareholder, who does not want the money, gets the loan he need not take it, or can, as they do readily, sell bis good fortune to the shareholder who does want money. These matters are all worked out well in the rules, inasmuch as the shareholder who has paid in for a certain time and is desirous of withdrawing can get back all he has paid in by giving certain notice. To us it appears a particularly handy way for investment and as j now the only source for putting money by in this district is the Post Office Sayings Bank, we beiieye the , v 1 3 > - , !, L 1
thrifty would hail with satisfaction some such scheme, managed by men they' bad confidence in, and these would bo the men nominated and chosen by the shareholders. It takes time to move our leading men in this down, but the position they bold should impel them to assist the settlers and the district by formulae ing some valuable scheme of the above nature'.
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Manawatu Herald, 23 September 1902, Page 2
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336Manawatu Herald. TUESDAY, SEPT. 23, 1902. Building Societies. Manawatu Herald, 23 September 1902, Page 2
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